New ITR-V, ITR acknowledgement forms notified
The Central Board of Direct Taxes (CBDT) has issued a notification making changes in the ITR-V and acknowledgement forms. According to the e-gazette portal, the notification has been issued due to changes made in the Income Tax Act, 1961, as announced in the Budget 2023. The CBDT notification was issued on March 27, 2024, and is effective from April 1, 2024.
Read on to find out what are the changes made to the ITR-V and acknowledgement forms, and what taxpayers should know.
Changes made to ITR-V and acknowledgement forms
According to tax experts, major changes have not been made to both forms, however, now one needs to be mindful of the submission of ITR-V to avoid penal consequences. Abhishek Soni, CEO, Tax2win.in - an ITR filing website says, “Effectively, the notified ITR-V and acknowledgement forms are similar to the ones used in the previous years. However, taxpayers need to ensure that their ITR-V reaches the income tax department on time or else, pen.
